Banking - Ireland

Ireland

In Ireland, the Banking market is expected to witness a significant increase in Net Interest Income, reaching a projected value of US$3.09bn by 2024.
Traditional Banks are expected to dominate this market segment, with a projected market volume of US$2.37bn in the same year.
Looking ahead, Net Interest Income is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of -9.65%, resulting in a market volume of US$1.86bn by 2029.
In terms of global comparison, in China is projected to generate the highest Net Interest Income, with a staggering US$4,332.0bn expected in 2024.
Ireland's banking market has witnessed a surge in digital banking services, with major players investing in online platforms and mobile banking apps to meet the growing demand of tech-savvy consumers.

Key regions: United States, China, Japan, Brazil, United Kingdom

Definition:

The Banking market refers to the financial services sector providing financial products and services to individuals and businesses. Retail banking focuses on offering financial services to individual consumers, such as personal loans, savings and checking accounts, credit cards, and mortgages. Commercial banking, on the other hand, provides financial services to small and large businesses, including loans, lines of credit, and other financial products designed specifically for businesses.

Structure:

The market consists of two segments:
- The Traditional Banking market refers to the financial services sector that provides a range of financial products and services to individuals and businesses through store-based branches and other traditional channels.
- The Digital Banking market refers to the emerging market for digital-only banks that offer financial services through online and mobile platforms.

The market data comprises Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:

The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the Retail & Commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.
Key players in this market are companies such as the Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

In Ireland, the Banking market has been experiencing significant developments and trends that are shaping the industry landscape.

Customer preferences: Customers in Ireland are increasingly seeking digital banking solutions, leading to a rise in online and mobile banking services. The convenience and accessibility of these digital platforms have become a top priority for customers, driving banks to invest more in technology to meet these preferences.

Trends in the market: One notable trend in the Irish Banking market is the growing competition among traditional banks and fintech companies. Fintech firms are disrupting the market with innovative products and services, forcing traditional banks to enhance their offerings to stay competitive. This trend is reshaping the industry and driving further digitalization.

Local special circumstances: Ireland's status as a global financial hub, particularly in the European Union, has attracted international banks to establish a presence in the country. This has created a unique competitive environment where local banks must compete not only with each other but also with international players. The presence of multinational corporations and a skilled workforce also contribute to the growth of the Banking market in Ireland.

Underlying macroeconomic factors: The stable economic growth and low unemployment rate in Ireland have contributed to a favorable environment for the Banking market. As the economy continues to expand, there is an increased demand for banking services to support businesses and individuals. Additionally, the regulatory framework in Ireland provides stability and confidence for both customers and financial institutions, further supporting the growth of the Banking market.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.